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2019 (7) TMI 1582 - AT - Income TaxDeduction u/s 80P denied - Assessee was acted like a regular Bank by accepting deposits from any person and also giving loans and therefore the main motto of the assessee is to earn more profits - HELD THAT:- Hon’ble Bombay High Court in the case of Jalgaon District Co-operative Central Cooperative Bank Ltd. [2003 (9) TMI 56 - BOMBAY HIGH COURT] has held that the definition of ‘member’ given in section 2(19) of the Maharashtra Co-operative Societies Act takes within its sweep even a nominal member, associate member and sympathizer member and there is no distinction made between duly registered member and nominal, associate and sympathizer member. I therefore, following the decision of Co-ordinate Bench of the Tribunal in the case of Jankalyan Nagri Sahakari Pat Sanshta Ltd., [2012 (9) TMI 288 - ITAT, PUNE] and following the same hold that the assessee is eligible for deduction of ₹ 18,38,878/- u/s 80P(2)(d) of the Act in respect of the amount invested in PDCC i.e., Co-operative Banks and other Banks. I am further of the view that in the present case, the ratio of decision of the High Court in the case of M/s. S-1308 Ammapet Primary Agricultural Co-operative Bank Ltd. [2019 (1) TMI 116 - MADRAS HIGH COURT] would be applicable. I therefore following the ratio of the decisions cited herein above and the decision of Hon’ble Bombay High Court hold that assessee is eligible for deduction u/s 80P of the Act. Thus, the grounds of the assessee are allowed.
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